The People's Bank of China sets the exchange rate of the dollar at 7.0982 yuan.

On Monday morning, the People's Bank of China decided to set the exchange rate of the yuan against the US dollar at 7.0982 yuan per dollar. Expectations had suggested it would be set at 7.0990 yuan, while the closing price of the pair yesterday was 7.1030 yuan. The bank also injected 209 billion yuan through repurchase agreements in the markets for a period of 7 days, with a yield of 1.5%.

It is worth noting that the People's Bank of China influences the value of the US dollar by pegging its currency—the yuan—to the US dollar, using a fixed exchange rate policy, which differs from the floating exchange rate used by the United States and many other countries, allowing the Chinese currency a narrow margin for movement.

The People’s Bank of China manages the value of the yuan by keeping it stable against a basket of currencies from countries that are considered partners of China, with the basket measured in terms of the US dollar, given that the United States is China’s largest trading partner.